Dear fellow investors

Dear fellow investors First and foremost, the entire team at REQ Capital would like to thank you, our investors, for your support. The launch of REQ Capital would not have been possible without you. We promise to manage your capital in the best possible way and will keep you updated on the progress of your investment on a semi-annual basis through investor letters such as this one.

What a journey it has been! We have set up an international fund structure, got regulatory approvals for fund management in different markets, and obtained the necessary international distribution approvals.

The administrative set up and initial investor contact was necessarily done in the digital space, given the extraordinary circumstances in which REQ was launched. Certainly, we look forward to meeting all business partners and investors in person in the coming months as the Covid-19 situation improves and society gradually opens up.

In recent months our team has been strengthened through the addition of several new team members, both on the investment side and in operations. We welcome Synnøve Gjønnes, Fredrik Kalleberg and Ingrid Stene to our team, and are very encouraged to have such talented individuals joining REQ Capital.

Our investors range from Norwegian and international fund of funds, pension funds, organizations and high net worth individuals.

Finally, in June we launched our first fund, REQ Global Compounders . As the name suggests, the fund will invest globally in companies that are able to reinvest and grow with a high return on capital over decades. We have a generational perspective on our investments.

Again, thank you for your confidence and support. We will ensure that we deliver on our promise to find the best compounders and generate significant value for our investors in the decades to come.